---
title: "UiPath's Forrester badge graded in July; its executives sold $57 million since August"
description: "The Forrester Leader badge is dated October 7, but Forrester stopped taking vendor material on July 17, two months before Maestro shipped. Meanwhile the founder and the CTO have sold about $57 million of stock since August, and since October 16 the trust layer's own audit log starts switched off."
publisher: "The Inference"
section: "Applications"
published: 2026-10-27T16:14:01.130Z
modified: 2026-10-27T16:14:01.130Z
canonical: https://theinference.org/article/uipath-s-forrester-badge-graded-in-july-its-executives-sold-57-million-since-august
language: en
keywords: "UiPath, Insider Selling, AI Agents, Analyst Ratings, Enterprise Automation"
---

# UiPath's Forrester badge graded in July; its executives sold $57 million since August

> The Forrester Leader badge is dated October 7, but Forrester stopped taking vendor material on July 17, two months before Maestro shipped. Meanwhile the founder and the CTO have sold about $57 million of stock since August, and since October 16 the trust layer's own audit log starts switched off.

On October 7, [UiPath](https://theinference.org/markets/companies/uipath) told the market that [Forrester](https://theinference.org/markets/companies/forrester-research) [named it a Leader in adaptive process orchestration](https://snok.ai/en/news/blog/uipath-leader-forrester-wave-adaptive-process-orchestration/), one of thirteen vendors scored on whether enterprises can trust AI agents inside complex processes [1]. Fourteen days later, on October 21, UiPath's own release notes switched a switch: from October 16, new AI Trust Layer policies save neither the prompt nor the model's answer in the audit log, which now reads "Blocked by Policy" instead of the evidence [1]. The badge and the trust layer do not say the same thing.

## The badge was graded before the product shipped

Forrester stopped accepting vendor material on July 17, 2026 [1]. Maestro Flow, the orchestration product that carries [the agentic story](https://theinference.org/article/uipath-s-agent-interviews-your-staff-a-broker-answers-with-a-10-target), reached general availability on September 17, Maestro Automate a day later, two months after the assessment closed [1]. The Leader status is real, but it grades the platform as it stood in mid-July. Buyers in December are being sold a version of Maestro no analyst has evaluated.

## The trust pitch, tested against its own default

UiPath sells regulated customers, banks, insurers, health systems, trust as architecture: audit logs, guardrails, human gates [1]. A privacy-first default is defensible in Europe, but the default ships everywhere, and a log that shows "Blocked by Policy" reconstructs nothing. Since October 16, a customer who creates a policy without checking that switch has no record of what the model was asked or what it answered [1]. Trust in agents is a property of process design, as the deployment partner SNOK puts it, and defaults are no substitute for decisions [1].

## The receipts, in order

*Chart: **UiPath insiders sold about $57 million between August 19 and October 22** Bar chart of UiPath insider sale proceeds: Dines $22.5M in August and $16.8M in October, Malpani $0.57M, $0.40M and $0.41M in September and October 2026.*

*Sale proceeds from SEC Form 4 filings, in millions of US dollars, for the founder CEO Daniel Dines and CTO/CPO Raghavendra Malpani, August to October 2026. All sales under Rule 10b5-1 plans. Sources: [2][3][4][5]. [2][3][4][5]*

CEO and chairman [Daniel Dines](https://theinference.org/markets/people/daniel-dines) sold 1.25 million shares at $13.44 on October 15 for $16.8 million, leaving 30.24 million shares [4], part of [$33.07 million in three planned mid-October sales](https://www.investing.com/news/insider-trading-news/uipath-ceo-and-chairman-daniel-dines-sells-3307-million-in-shares-93CH-4959035) [5], after 1.4 million shares at $16.07 in August [4]. CTO and CPO [Raghavendra Malpani](https://theinference.org/markets/people/raghavendra-malpani) sold [29,565 shares at $14.00 on October 22 under a 10b5-1 plan, filed October 26](https://www.sec.gov/Archives/edgar/data/1734722/000212729326000013/0002127293-26-000013-index.htm) [2][3], his third sale since mid-September, about $1.38 million in total [3]. All plan-based, all legal, and all into the $13 to $14 range [2][3][3].

## The street is not paying for the badge

Consensus is Hold with a $15.69 average target, four buys, fifteen holds, two sells [3]. [BofA](https://theinference.org/markets/companies/bank-of-america) [cut its target from $15 to $12 on October 23 and kept Underperform](https://www.ad-hoc-news.de/boerse/news/corporate-news/bofa-cuts-target-for-uipath-stock-from-usd-15-00-to-usd-12-00/70406341) [6]. Q2 revenue of $410.26 million, up 13.3%, and a $1.938 billion annualized renewal run-rate are the real numbers [6]; the multiple is the question. Retail wants the next [Palantir](https://theinference.org/markets/companies/palantir): one [Stocktwits](https://stocktwits.com/Growthisalive2024/message/667385566) poster calls PATH "a $30+ stock" at current business [7]. The owners selling at $13.44 and $14.00 have not joined them [7].

*Chart: **UiPath's revenue growth reaccelerated into the teens, then flattened** Line chart of UiPath quarterly revenue from Q1 2024 to Q2 2026: rising from $335 million to a $481 million peak in Q4 2025, then easing to $418 million and $410 million.*

*Quarterly revenue in millions of US dollars, labelled by calendar quarter. Year-over-year growth reaccelerated from 4.5% in Q4 2024 to 17.3% in Q1 2026, then came in at 13.4% in Q2 2026. Source: [8]. [8]*

## What decides it, and when

Nothing lands between now and December 2, the estimated earnings date [6]. The prior guide already demanded $54 to $59 million of new ARR for the quarter that closes October 31; Q2 delivered $37 million [6]. That rung carries the stock, not the Forrester logo. On December 2 the market learns whether agents are contracts or demos [6]. Watch the ARR line, and the logged ones.

## Takeaway

UiPath's Forrester Leader badge grades the platform as it stood in mid-July, two months before its Maestro agent products shipped, and the trust layer it sells to banks and hospitals now ships with its own audit logging switched off. With the stock at $13 to $14, the founder and the CTO have sold about $57 million since August; the December 2 earnings print decides whether agents are contracts or demos.

## Sources

1. [SNOK, 'UiPath named a Leader in the Forrester Wave for process orchestration', 26 October 2026](https://snok.ai/en/news/blog/uipath-leader-forrester-wave-adaptive-process-orchestration/)
2. [SEC EDGAR, Form 4, UiPath Inc., Raghavendra Malpani, filed 26 October 2026](https://www.sec.gov/Archives/edgar/data/1734722/000212729326000013/0002127293-26-000013-index.htm)
3. [MarketBeat, 'UiPath Stock: Insider Raghavendra Malpani Sells 29,565 Shares', 26 October 2026](https://www.marketbeat.com/instant-alerts/insider-uipath-nyse-path-stock-insider-raghavendra-malpani-sells-29565-shares-2026-10-26/)
4. [MarketBeat, 'UiPath CEO Daniel Dines Sells 1,250,000 Shares of Stock', 19 October 2026](https://www.marketbeat.com/instant-alerts/insider-uipath-nyse-path-ceo-daniel-dines-sells-1250000-shares-of-stock-2026-10-19/)
5. [Investing.com, 'UiPath CEO and chairman Daniel Dines sells $33.07 million in shares', 20 October 2026](https://www.investing.com/news/insider-trading-news/uipath-ceo-and-chairman-daniel-dines-sells-3307-million-in-shares-93CH-4959035)
6. [ad-hoc-news, 'BofA cuts target for UiPath stock from USD 15.00 to USD 12.00', 24 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/bofa-cuts-target-for-uipath-stock-from-usd-15-00-to-usd-12-00/70406341)
7. [Stocktwits, @Growthisalive2024 on $PATH, October 2026](https://stocktwits.com/Growthisalive2024/message/667385566)
8. [UiPath, quarterly figures from its SEC filings, retrieved 27 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001734722)


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UiPath's Forrester badge graded in July; its executives sold $57 million since August — The Inference. Canonical: https://theinference.org/article/uipath-s-forrester-badge-graded-in-july-its-executives-sold-57-million-since-august